$100,000 in student loans at 5% interest costs $1,061 per month on the standard 10-year repayment plan. Over 10 years, you will pay $27,279 in total interest, making the total cost $127,279.

Key Numbers

• •Monthly payment (standard 10-year plan): $1,061
• •Total interest over 10 years: $27,279
• •Total cost of the loan: $127,279
• •Paying an extra $100/month pays it off in 8 years 11 months and saves $3,142 in interest